I also own an Event jacket (by Westcomb
, another fabulous Vancouver company). I commute in it every day, but I don't think I'd race in it. Beyond the fact that is cost and arm and a leg and I'd hate to crash in it, I actually think it'd be overkill. I guess it depends how hard you're riding, but for me a bike race means a HR of >170 bpm. Even though the Event fabric is amazing and breathable, I find it bulky. I prefer more flexible light weight fabrics myself. Training rides are a completely different story though.
A lot of companies also make a "water resistant" winter jacket for cycling. These tend to be fitted, race-y and wind proof as well. It's definitely worth going to a few local shops to try some stuff on and see what "feel" you like.